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Lake Oswego Real Estate August 2017 RMLS™ Market Update

I knew as soon as I posted the July report, the August report would follow shortly thereafter. The latest report was just issued.

AUGUST 2017 RMLS™ Market Update

August Residential Highlights

August brought mixed activity to the Portland metro area, but closed sales saw some modest gains. At 3,034, closings rose 1.1% compared to last year in August 2016 (3,001) and 8.6% compared to last month in July 2017 (2,793).

Pending Sales

Pending sales, at 3,072 for the month, edged 1.1% over July 2017 when 3,040 offers were accepted but fell 7.6% short of the 3,325 offers accepted last year in August 2016.

New Listings

New listings, at 4,048, ended 3.7% under both July 2017 when 4,202 new listings were offered, and August 2016 when 4,203 new listings were offered for the month.

Inventory of Houses For Sale and Days On The Markethttps://lakeoswegorealestateblog.wordpress.com/

Inventory decreased to 2.0 months in August. During the same period total market time increased by one day, ending at 34 days. There were 5,940 active residential listings in the Portland metro area in August.

Year To Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (29,852) are down 2.6%, closed sales (20,990) are down 2.7%, and pending sales (22,296) are down 7.6%. You can see overall, that the real estate market in Portland is not as “hot” as it was last year.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through August, the average sale price rose 9.3% from $392,600 to $429,000. In the same comparison, the median sale price rose 10.7% from $343,200 to $379,900.

Lake Oswego Real Estate August Stats

Inventory of houses for sale in Lake Oswego is now close to 3 months.  It is still a seller’s market in Lake Oswego, but if it gets to 5-6 months of inventory, we will see a shift.  Lake Oswego prices increased 8.6% compared to Portland prices that rose 9.3% within the last 12 months.

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

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As I sit in front of my computer, I see I have not posted in over a month here on my blog.  Where the heck did the time go?  In addition, I see I did not post the latest RMLS™ Market Update July 2017 (with June stats) and a new update for August (with July stats) will be out in the next day or so. So before I get too far behind, here is the latest RMLS™ Market Update.

Lake Oswego Real Estate RMLS™ Market Update July l2017

At the beginning of May, I personally noticed a slowdown in our local real estate market here in Lake Oswego.  I started posting my beliefs in my “This Week Stats’ category here on my blog.

While I had no stats to support my hunches, I knew there was a shift happening.  Our RMLS™ stats, which only reflect the previous month and are not current on a daily basis, was not providing stats to support what I was seeing.  In addition, the Case-Schiller Report also reports only on stats from the previous 3 months, and again was not indicating a slowdown.  The Altos Research stats are weekly, and there again, I was not seeing anything to support my feelings that a slowdown was happening.

It became difficult for me to inform my sellers and buyers that days on the market were increasing, there was an increase in inventory, and some areas had seen price decreases etc. because there were no stats supporting that as yet.

However, in July, the national media reported that June had seen a decrease (that would account for a slowdown in May).  Again in July, the national media again reported there was another decrease in July.  And, finally, Altos Research, which reports on neighborhoods, zip codes, cities weekly, also started to report what I was seeing. Locally nothing was being reported  about a slowdown yet.

In the many Facebook real estate groups I belong to, agents there didn’t say they saw any noticeable differences either until July while I had seen it at the beginning of May already.

This July 2017 RMLS™ Market report (which is based on June stats) also now is reporting the slowdown.  Is it seasonal?  Is it the start of a continuing trend?  What I know is that there is not as much of a frenzy as there had been.  While multiple offers still exist in certain areas and at certain price points, the multiple offers over list price as slowing down. How did I see a slowdown happening so early?

I call local real estate agents the “boots on the ground”. I was out there writing offers that were no longer in multiple offer situations, there was more inventory to show, immediate offers as soon as my listings came on the market didn’t appear, and buyer activity/showings on my listings had slowed.

Not All Bad News

While you might think this is bad news, in many ways it is not.  Buyers were exiting the market because of the frenzy and hopefully this will bring buyers back into the Lake Oswego Real Estate Market and into the Portland Metro Real Estate Market.  Interest rates are still low and sellers are experiencing an increase in equity as prices are well above the pre-recession era.  It is still a seller’s market and it is still a good time to sell or buy.

July Residential Highlights

Portland real estate activity cooled a bit this July.

Closed Sales

Closed sales, at 2,793, cooled 12.4% from June when 3,187 closings were recorded, although these sales pushed 0.6% past the 2,776 closings recorded last year in July 2016.

Pending Sales

Pending sales, at 3,040, fell 7.9% short of the 3,302 offers accepted last year in July 2016 and 6.6% short of the 3,254 offers accepted last month in June 2017.

New Listingshttps://lakeoswegorealestateblog.wordpress.com/

Similarly, new listings (4,202) showed a 3.9% decrease compared to July 2016 (4,372) and a 11.3% decrease compared to June 2017 (4,739).

Days On The Market

Total market time decreased by five days in July, ending at 33 days. In the same period, inventory crawled up to 2.1 months.

Year to Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (25,723) are down 2.4%, closed sales (17,807) are down 3.3%, and pending sales (19,390) are down 7.6%.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through July, the average sale price rose 9.3% from $391,600 to $428,000. In the same comparison, the median sale price rose 11.2% from $340,000 to $378,000.

This Week Stats

I will continue to report on the most up-to-date information I have in my This Week Stats category here on my blog for Lake Oswego. However, if you want specific information as to your street or neighborhood, please let me know as I can also provide that for you anywhere in the Portland metro area.

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

Lake Oswego Real Estate RMLS™ Market Action Report June 2017

June Residential Highlights

It was another good month for new listings this June in the Portland metro area real estate market. There were 4,739 new listings recorded, a 5.3% increase over the 4,501 new listings offered last year in June 2016 and a 8.0% increase over the 4,388 new listings posted last month in May 2017. It was the strongest June for new listings since 2008, when 5,213 were offered for the month.https://lakeoswegorealestateblog.wordpress.com/

Closed Sales

Closed sales, at 3,187, fared 0.9% better than last year in June 2016 (3,158) and 10.0% better than last month in May 2017 (2,896).

Pending Sales

Pending sales, at 3,254, decreased 4.0% compared to June 2016 (3,390) and 5.3% compared to May 2017 (3,435).

Inventory

Inventory snuck up to 1.6 months in June, with total market time decreasing by one day, to end at 38 days.

Year to Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (21,505) are down 1.8%, closed sales (14,866) are down 3.9%, and pending sales (16,572) are down 7.2%.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through June, the average sale price rose 9.8% from $388,800 to $427,000. In the same comparison, the median sale price rose 10.3% from $339,900 to $375,000.

Lake Oswego Real Estate Stats

It seems everyone knows or talks about real estate.  I have clients tell me all the time that their friends told them this or that about the real estate market.  However, what holds true for one neighborhood or area, may or may not be true for another Portland real estate market.

Stats are local.  In other words, what may be happening in Beaverton, most likely is not happening in Lake Oswego for example.  Stats vary street by street, neighborhood by neighborhood.  It is important to know what is happening specifically in your neck of the woods.

I have been reporting on this blog in posts under the category “This Week Stats”, that we had seen a slow down in our Lake Oswego real estate market. I had started noticing it in early May.  Other real estate agents said they had seen it start last November during the elections.  I had been waiting for the RMLS™ Market Update for June to see whether what I thought was true or not.  In fact it is.

Lake Oswego Real Estate

May 2017 had Lake Oswego homes selling in 54 days, June days on the market increased to 71 days.  In addition, the average sales price dropped from May’s $630,400 to June’s $627,600.  Pending sales are also down to -6.9% for Lake Oswego.  May also had 2.3 months of inventory, while in June, Lake Oswego had 2.4 months of inventory.  Compare that to Portland’s 1.6 months of available houses for sale.

Will this be a recurring trend?  I will be keeping an eye on it for sure.

Have questions about your neighborhood?  I can give you the current and correct information!

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

 

Lake Oswego Real Estate May 2017 Market Action Report

Our most recent RMLS™ Market Action Report was issued today for May 2017.

May Residential Highlights

New Listings

New listings ticked upward in the Portland metro area this May. At 4,388 strong, new listings outpaced May 2016 (4,144) by 5.9% and April 2017 (3,759) by 16.7%. This was the strongest May for new listings in the area since 2008, when 5,182 new listings were offered.https://lakeoswegorealestateblog.wordpress.com/

Closed Sales

Closed sales (2,896) exactly matched May 2016 and showed a 30.5% increase over last month in April 2017.

Pending Sales

Pending sales, at 3,435, fell 3.6% shy of the 3,563 offers accepted last year in May 2016 but still outpaced last month, April 2017 (3,088), by 11.2%.

Days On The Market

Total market time decreased by three days in May, landing at 39 days. During the same period, inventory edged downward to 1.5 months.

Year to Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (16,696) are down 3.4%, closed sales (11,510) are down 5.4%, and pending sales (13,469) are down 7.8%.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through May, the average sale price rose 10.7% from $383,000 to $423,800. In the same comparison, the median sale price rose 10.7% from $334,200 to $370,000.

Days On The Market To Sell By Area

Days on the market dropped this month compared to April.  The following are the total market times by area:

N. Portland = 28 days

NE Portland = 27 days

SE Portland = 28 days

Gresham/Troutdale = 43 days

Milwaukie/Clackamas = 41 days

Oregon City/Canby = 48 days

Lake Oswego/West Linn = 54 days

West Portland = 44 days

NW Washington County = 42 days

Beaverton/Aloha = 25 days

Tigard/Wilsonville = 30 days

Hillsboro/Forest Grove = 32 days

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move. I can help you move forward.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Lake Oswego Real Estate RMLS™ Market Update April 2017

Our lates RMLS™ Market Update for April 2017 was issued several days ago.  It has been a busy Spring buying/selling season so once again I am late in posting the information.

RMLS™ Market Update April 2017

April Residential Highlights

The Portland metro area saw some mixed real estate activity this April, while the year to date still remains cooler compared to 2016.

New Listingshttps://lakeoswegorealestateblog.wordpress.com/

New listings, at 3,759, fared 4.3% better than last month in March 2017 (3,604), but fell 7.9% short of the 4,082 new listings offered last year in April 2016.

Pending Sales

Similarly, pending sales (3,088) were 10.0% cooler than in April 2016 (3,432) but showed a modest 1.5% gain over last month in March 2017 (3,043).

Closed Sales

Closed sales, at 2,219, fell 11.0% short compared to last month’s 2,494 closings and 15% short compared to the 2,611 closings recorded last year in April 2016.

Inventory

Inventory crawled upward in April, ending at 1.7 months. Total market time decreased, ending at 42 days. There were 3,753 active residential listings in the Portland metro area in April.

Average and Median Sale Prices

Comparing the average price of homes sold in the twelve months ending April 30th of this year ($406,500) with the average price of homes in the twelve months ending April 2016 ($365,200) shows an increase of 11.3%. In the same comparison, the median has increased 11.6% from $318,500 to $355,500.

Lake Oswego Real Estate

Lake Oswego saw a 9.6% increase in price from April 2016 to April 2017.  There is currently 2.8 months of inventory compared to 2.4 months in March 2017.  I have seen an increase of new listings coming on the market in the RMLS™ area 148 for Lake Oswego/West Linn RMLS™ area. The unsold inventory is increasing and I have read a report recently that some parts of the Portland metro real estate market are edging towards a buyer’s market.

As indicated many times, a “normal” real estate market is 5-6 months of inventory (or under 7 months).  While we are still a distance (2.8 months) from being a normal market or even a buyer’s market, there are more listings for sale now in Lake Oswego than there have been, and mostly the houses are at the upper (high) end price range.

It is still a seller’s real estate market in Lake Oswego and especially for houses under the April 2017 median price range for Lake Oswego of $550,000.

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move. I can help you move forward.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Lake Oswego Real Estate RMLS Market Action Report March 2017

Once again our RMLS™ Market Action Report for March 2017 looks like a repeat of last year’s inventory numbers.  We are at 1.3 months of houses for sale same as March 2016.  Which means if nothing else came on the market for sale today, it would take only 33 days to sell every single house currently for sale. This also means it continues to be a sellers’ market and where buyers will be faced with multiple offers and over list price sales.

https://lakeoswegorealestateblog.wordpress.comCurrently, the Lake Oswego/West Linn real estate market however has 2.4 months of inventory compared to 1.3 for the Portland metro real estate market.  Still a sellers’ real estate market in Lake Oswego/West Linn as well.  The average price for a home in Lake Oswego/West Linn is now $578, 400 and the total days on market is 89 before a Lake Oswego/West Linn house is sold.

March Residential Highlights

The Portland metro area had a sunny month for new listings this March. At 3,604, new listings outpaced March 2016 (3,409) by 5.7% and February 2017 (2,521) by 43.0%. This was the strongest March for new listings in the area since 2010, when 4,987 were offered for the month.

Pending Sales

Pending sales (3,043) warmed 28.5% over last month in February 2017 (2,369) but fell 1.1% short of the 3,076 offers accepted during this month last year in March 2016.

Closed Sales

Closed sales, at 2,494, similarly outpaced February 2017 (1,669) by 49.4% but still ended 2.8% cooler than in March 2016 when 2,565 closings were recorded for the month.

Days On The Market

Total market time decreased by four days this March, ending at 58 days. Inventory decreased as well, ending at 1.3 months. There were 3,313 active residential listings in the Portland metro area this March.

Average and Median Sale Prices

Comparing the average price of homes sold in the twelve months ending March 31st of this year ($404,300) with the average price of homes in the twelve months ending March 2016 ($361,100) shows an increase of 12.0%. In the same comparison, the median has increased 12.2% from $315,000 to $353,500.

Percent Increase Year To Date in Sales Price

Every corner of our Portland real estate market has seen annual appreciation.  Here are the year-to-date increases in price by area:

  • North Portland 11.7%
  • NE Portland 11.6%
  • SE Portland 11.2%
  • Gresham/Troutdale 12.1%
  • Lake Oswego/West Linn 13.3%
  • West Portland 14.4%
  • NW Washington County 10.3%
  • Beaverton/Aloha 11.2%
  • Tigard/Wilsonville 8.5%
  • Hillsboro/Forest Grove 14.4%

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Lake Oswego Real Estate RMLS Market Action Report February 2017

It is a busy time of year.  We are seeing an increase in listings; however, we still have more buyer demand than we have properties to sell.

Have you been thinking of selling or downsizing?  Now is a great time to move on.  Because of our low inventory we are still seeing multiple offers in many of our Portland metro real estate markets.  Buyers are in full force due to a busy Spring season coming up and interest rates are still low.  This may be one of the best times to sell.

RMLS™ Market Action Report February 2017

Here are the most recent stats for our Portland metro real estate market.

February Residential Highlights

February brought more mixed activity to the Portland metro area, but activity made some gains over last month.

Pending Sales

Pending sales (2,369) showed a 19.0% increase over the 1,990 offers accepted last month in January 2017, but a 15.0% decrease when compared to last year in February 2016.https://lakeoswegorealestateblog.wordpress.com/

New Listings

Similarly, new listings (2,521) ended 12.9% under the 2,896 new listings offered last year in February 2016 but were 14.0% warmer compared to the 2,212 new listings offered last month in January 2017.

Closed Sales

Closed sales, at 1,669 for the month, ended 7.9% below February 2016 (1,813) and 9.6% below closings recorded last month in January 2017 (1,847).

Inventory of Houses For Salehttps://lakeoswegorealestateblog.wordpress.com/

Inventory edged slightly higher in February, ending at 1.9 months. Total market time rose to 62 days during the same period. There were 3,109 active residential listings in the Portland metro area this February.

Average and Median Sale Prices

Comparing the average price of homes sold in the twelve months ending February 28th of this year ($400,800) with the average price of homes in the twelve months ending January 2016 ($357,400) shows an increase of 12.1%. In the same comparison, the median has increased 12.9% from $310,000 to $350,000.

Lake Oswego Real Estate Market

While the Portland metro area has 1.9 months of inventory available, the Lake Oswego real estate market has 3.1 months of inventory for sale. Last month Lake Oswego had 2.9 months. As Spring approaches there will be more listings coming on the market, but there will also be an increase in buyers. Don’t wait until everyone else decides to put their house on the market, list now!

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  If you want instant notifications from RMLS™, please let me know and I can arrange for you to receive listings as soon as they come on the market for sale.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Lake Oswego Real Estate RMLS™ Market Action Report January 2017

The latest stats for our Portland metro real estate markets have just been published by RMLS.™  Portland saw 4 snow events (2 in December and 2 in January), and weather significantly affects our real estate market. In addition, with little to no houses to sell and many appraisals, closings etc. were delayed because of all our snow, these stats show the impact our weather issues had on the most recent stats.

January Residential Highlights

New Listingshttps://lakeoswegorealestateblog.wordpress.com/

The Portland metro area started the year with a little mixed activity this January. New listings (2,212) rose 55.7% from December (1,421) but fell 12.2% short of the 2,519 new listings offered last year in January 2016.

Pending Sales

Similarly, pending sales (1,990) ended 13.3% stronger than last month in December (1,757) but were 11.3% cooler than last January (2,243).

Closed Sales

https://lakeoswegorealestateblog.wordpress.com/Closed sales, at 1,847, fell just 0.6% short of the 1,859 closings recorded last year in January 2016 but ended 29.5% below the 2,621 closings recorded last month in December 2016.

Total Days On The Market

Total market time increased by nine days in January, ending at 58 days. During the same period, inventory rose slightly to 1.7 months. There were 3,214 active residential listings in the Portland metro area in January.

Average and Median Sale Prices

Comparing the average price of homes sold in the twelve months ending January 31st of this year ($398,400) with the average price of homes in the twelve months ending January 2016 ($355,600) shows an increase of 12.0%. In the same comparison, the median has increased 12.9% from $309,900 to $350,000.

Average Selling Price % Change Year-to-Date

The Lake Oswego/West Linn real estate market has seen a 16.2% increase (year-to-date) for the average sale price.

https://lakeoswegorealestateblog.wordpress.com/
Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Inasmuch as I was snowed in for what seems like forever (as were others), I did not post the latest RMLS™ Market Action Report for December 2016 sooner.

Lake Oswego Real Estate RMLS™ Market Action Report December 2016

In a recent news story, Portland ranked #8 as one of the Top 10 Cities with the lowest number of houses for sale.  That remained true all the way through to the end of last year.  It is still a seller’s market here in Portland. I don’t think that will change significantly until perhaps the end of 2017.  We have a very long way to fill up the coffers of our local housing inventory.

The 3-4 snow events we had in December through January, will affect our market statistics for January 2017.  There was a slow-down but not a standstill. It will be interesting to see what those January stats will be around the middle of February, when those will be posted.

In addition, as we go through the next couple of months, I plan on breaking down stats for our local areas and will post those here.

December Residential Highlights

The Portland metro area ended the year with cooler activity on the whole.

Closed Sales

Closed sales (2,621) ended 3.3% under the 2,710 closings posted last year in December 2015 despite a 7.7% increase compared to the 2,434 closings recorded last month in November 2016.

New Listings

New listings, at 1,421, fell 7.6% short of the 1,538 new listings offered last year in December 2015 and 31.7% under the 2,080 new listings offered last month in November 2016.

Pending Sales

Pending sales (1,757) decreased 9.2% from December 2015, when 1,936 offers were accepted; and 22.5% from November 2016, when 2,266 offers were accepted.

Housing Inventoryhttps://lakeoswegorealestateblog.wordpress.com

Inventory decreased slightly in December, landing at 1.3 months. During the same time, total market time increased by four days, ending at 49 days. There were 3,511 active residential listings in the region in December.

Year to Date Summary

Activity was cooler in 2016 than in 2015. Comparing all of 2016 to 2015, new listings (41,121) increased 0.7. Closed sales (32,798) decreased 1.5% and pending sales (33,234) decreased 3.9%.

Average and Median Sale Prices

https://lakeoswegorealestateblog.wordpress.comComparing 2016 to 2015 through December, the average sale price rose 11.4% from $354,500 to $395,000. In the same comparison, the median sale price rose 12.7% from $308,000 to $347,000.

Search For Real Estate

I have a new search site available to find Portland metro and all outlying properties for sale.  You can view RMLS™ information here.

Thinking of Selling Your Lake Oswego Home?

Prices have slowed since July in Lake Oswego and you may want to know the value of your home in today’s Lake Oswego real estate market. Interest rates are still low and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1975 and have lived in Lake Oswego since 1988 and know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

Due to several snow events and holidays, this posting was delayed.  Here is our most recent Market Action Update from our RMLS™ for the month of November.

In mid-January, we will receive our December 2016 report which will have lots of year-end stats, and I will be posting some of those statistics for many of our Lake Oswego neighborhoods.

RMLS™ Market Action Report November 2016

November Residential Highlights

Portland metro saw cooler activity this November, both compared to last month and November 2015.

Closed Sales

Closed sales (2,434) ended 13.1% ahead of November 2015 despite a 6.0% decrease from last month in October 2016. This was the strongest November for closings in the area since 2005, when 2,623 closings were recorded for the month.

Pending Sales

(2,266) decreased 9.5% from November 2015 (2,504) and 20.2% from October 2016 (2,841). These pending sales still number higher than in November of prior years.

New Listings

Similarly, new listings (2,080) fell 3.2% short of the 2,148 new listings offered last year in November 2015 and 29.0% short of the 2,929 new listings offered last month in October 2016.

Portland metro inventory decreased slightly in November to 1.8 months. During the same time, total inventorymarket time gained a few days, landing at 45 days. There were 4,354 active residential listings in the region in November.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2016 to 2015 through November, the average sale price rose 11.7% from $353,400 to $394,800. In the same comparison, the median sale price_increaseprice rose 13.4% from $306,000 to $347,000.

Year to Date Summary

Activity has been mixed in 2016 compared to 2015. New listings (39,590) are up 1.0%. Closed sales (29,985) are down 1.4% and pending sales (31,586) are down 3.7% for the year thus far. It took  52 days for a house to sell in October 2016 vs. only 45 days in November 2016. It is still a seller’s market with only 1.8 months of inventory.

This most likely is seasonal, however going all the way back to February 2014, there has been a steady decline of inventory.  However, there were many more buyers than houses for sale. With an already low inventory of houses for sale, buyers were depleting the inventory rapidly.

On January 1, 2017, there were hundreds of homes that came off the market and I am going to do a comparison of years in upcoming posts as to how many homes did not sell going back a few years. I was surprised at the large number of houses not selling when there are so many buyers looking for homes.  Granted, many most likely were overpriced or did not sell for a variety of other reasons.

Search For Real Estate

I have a new search site available to find Portland metro and all outlying properties for sale.  You can view RMLS™ information here.

Thinking of Selling Your Lake Oswego Home?

Prices have slowed since July in Lake Oswego and you may want to know the value of your home in today’s Lake Oswego real estate market. Interest rates are still low and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1975 and have lived in Lake Oswego since 1988 and know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Contact Betty Jung

Betty Jung, Broker
REALTOR®
CRS, GRI, ABR, SRES, CNHSS

Summa Pacific Cascade
4949 Meadows Rd. #100
Lake Oswego, Oregon 97035

Licensed in the State of Oregon

503-804-9685 Cell

or email:betty@bettyjung.com

"Selling Real Estate Since 1978. There Is No Substitute For Experience!"

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